SeaSpine announced its financial results for the third quarter of 2017.
Here are nine observations from the third quarter report:
1. SeaSpine recorded $31.7 million in revenue, which is "unchanged" compared to the same period the year prior.
2. The company's U.S. revenue was $28.2 million, reflecting a 0.8 percent decrease year-over-year. This decline is mainly due to the lower usage of the company's legacy spinal implant systems and low-single digit price declines.
3. The U.S. orthobiologics revenue totaled $14.9 million, a 2 percent increase year-over-year.
4. SeaSpine reported U.S. spinal implant revenue of $13.3 million, a 3.9 percent drop year-over-year.
5. The company's international revenue was $3.5 million, a 7.4 percent increase year-over-year.
6. SeaSpine's gross margin was 61.6 percent, compared to 56.3 percent in the third quarter of 2016.
7. Net loss totaled $7.5 million, down from $9.5 million in the third quarter of 2016.
8. The company's cash and cash equivalents was $16.7 million at the end of the third quarter 2017.
9. SeaSpine's full-year 2017 revenue guidance falls between $130 million and $132 million.
In the third quarter of 2017, SeaSpine initiated a full commercial launch of Shoreline Anterior Cervical Standalone System and a limited commercial launch of OsteoStrand Demineralized Bone Fibers.
"We are pleased with our results this quarter and confident that our strategy to reposition SeaSpine for growth is on track," said Keith Valentine, SeaSpine president and CEO. "We are confident that our recent and upcoming product launches, combined with an even stronger distribution network, will generate growth as we head into 2018."